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Stakeholders have commended the introduction of unified tax bills, describing it as a step toward improving business confidence and addressing Nigeria’s economic challenges.
The stakeholders spoke on Channels TV’s Politics Today, on Friday.
The National Vice President of Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture, Ahmad Rabiu, highlighted the significance of the bill, noting that it simplifies Nigeria’s complex tax system by harmonising existing laws and providing clarity for both local and foreign investors.
“The new tax bill provides a single legal document that outlines all tax requirements and procedures. This will help businesses plan effectively and avoid surprises from unknown laws,” Rabiu said.
Rabiu, who is also the Managing Director, Dalas Inland Dry Port, called for the government to adopt a long-term development plan that captures fiscal policies and infrastructure development to encourage investments.
He also emphasised the importance of addressing issues such as poor road infrastructure and inadequate freight services, which have hindered economic activities.
“The government must act as a facilitator, particularly in sectors like electricity and transportation, to attract both indigenous and foreign investors,” he added.
Similarly, a chief economist, Paul Alaje, expressed optimism about the tax bill, stating that it would reduce the uncertainty caused by multiple taxation and fluctuating tax rates.
“This new bill will enhance investor confidence by eliminating the inconsistencies in tax regimes. However, we must ensure stability in tax rates to sustain this confidence,” Alaje said.
Alaje, however, cautioned against increasing the Value Added Tax during the current economic difficulties, citing its potential to exacerbate inflation and reduce consumer purchasing power.
“An increase in VAT during a period of high inflation and economic uncertainty will discourage consumption and negatively impact businesses. We should wait for economic stability before considering such measures,” he advised.
The experts agreed that the government must prioritise infrastructure development, particularly in transportation and energy, to support industrial growth and job creation.
They also urged transparency in budget implementation and accountability at all levels of government to ensure resources are effectively utilised.
